The tale of a black hole

Posted on 02 Sep 2024
Share Blog Post

The tale of a black hole

According to the OBR the government collects £39,000 per household in taxes. Despite that eye watering amount, the Government spends £42,000 per household and puts the £3,000 short fall on the credit card.

The Government has been doing this since 1997 when Gordon Brown decided that it would be a good idea to spend more that the Government earned and borrow the difference – at the time the Government credit card bill was about £80 per household.

Now the Government’s credit card bill is £93,000 per household and predicted to continue to rise over the next 5 years still further.

Along comes our new Chancellor and she says that she’s identified a black hole in the Government’s finances. Now finance experts were all hoping that at long last someone had spotted that we can’t keep spending money we haven’t got when our debt burden is so high and that a £3,000 per year per household is unsustainable.

But no.

The Chancellor’s black hole is not the £3,000 per household per year that we can’t afford.

Her black hole is £714 per household to finance massive public sector pay rises.

And to pay for it, she wants your nan to turn off her heating over the winter.

View more blog posts

NIC hammer blow
Posted on 23 Jun 2025
NIC hammer blow
read more
Youth mobility scheme
Posted on 21 May 2025
Youth mobility scheme
read more
Businesses unaware of MTD
Posted on 14 May 2025
Businesses unaware of MTD
read more
Two tier tax system introduced
Posted on 07 May 2025
Two tier tax system introduced
read more
Back To Top
01604 660661